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Jakarta Post

Analysis: Customer-centric open banking approach can drive innovation, relevance

  • Tushar Agarwal


Jakarta   /   Mon, August 5 2019   /  01:48 am

As Indonesia rapidly embraces digital considerations as an integral part of its business strategy, open banking is fast becoming a key consideration in its journey to remain competitive and relevant. In fact, as part of Indonesia’s aim to support a digital future, it is looking at open banking as one of the five key thrusts under its Indonesia Payments System 2025 Vision (SPI 2025). The SPI 2025 will look for ways to enable closer collaboration between banks and fintech toward faster digital transformation.The Boston Consulting Group (BCG) sees that the adoption of open banking can create tremendous opportunities for transforming customer experience, driving innovation and securing a bank’s relevance and competitiveness, but players need to acknowledge its challenges. Banks can use their position as a trusted advisor to motivate customers to expand their horizons on the concept of op...